Transactions

Luse Gorman is Legal Counsel to Arlo Financial Holdings, Inc. in its Proposed Acquisition of Systematic Savings Bank

April 19, 2024

On April 17, 2024, Arlo Financial Holdings, Inc., a Missouri corporation formed by an investor group of experienced bankers, and Systematic Savings Bank, Springfield, Missouri, announced their definitive agreement for Arlo Financial to acquire Systematic Savings Bank in an all-cash transaction valued at approximately $14.0 million.

In connection with the transaction, Arlo Financial will become the bank holding company for Systematic Savings Bank.

Luse Gorman is serving as legal counsel to Arlo Financial in the transaction. The Luse Gorman team consists of Steven Lanter, Ben Azoff, Gregory Sobczak and Brendan Saxon.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past seven years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.

Luse Gorman is Legal Counsel to Johnson County Bank in its Proposed Merger with Skyline Bankshares, Inc.

April 18, 2024

On April 17, 2024, Johnson County Bank, Mountain City, Tennessee, announced it had signed a definitive merger agreement with Skyline Bankshares, Inc., Floyd, Virginia, pursuant to which Johnson County Bank will merge with and into Skyline National Bank in an all cash transaction valued at approximately $25.0 million.

Luse Gorman Served as Legal Counsel to Alive Credit Union in its Completed Merger with City & Police Federal Credit Union

April 17, 2024

On April 1, 2024, Alive Credit Union, Jacksonville, Florida, successfully completed its merger with City & Police Federal Credit Union, Jacksonville, Florida. Alive Credit Union, as the continuing credit union, has approximately $282 million in assets on a combined basis following the merger.

Luse Gorman Served as Legal Counsel to Financial Institutions, Inc. in the Sale of its Insurance Agency Subsidiary to NFP Property & Casualty Services, Inc.

April 2, 2024

On April 1, 2024, Financial Institutions, Inc., Warsaw, New York, the holding company for Five Star Bank, completed the sale of its insurance agency subsidiary, SDN Insurance Agency, LLC, to NFP Property & Casualty Services, Inc. (“NFP”).

Luse Gorman is Legal Counsel to Freedom of Maryland FCU in its Proposed Merger with Atlantic Financial FCU

March 26, 2024

On March 21, 2024, Freedom of Maryland Federal Credit Union (“Freedom of Maryland FCU”), Bel Air, Maryland, announced the signing of a definitive merger agreement with Atlantic Financial Federal Credit Union (“Atlantic Financial FCU”), Hunt Valley, Maryland, pursuant to which Atlantic Financial FCU will merge into Freedom of Maryland FCU with Freedom of Maryland FCU as the surviving entity.